XML 14 R2.htm IDEA: XBRL DOCUMENT v3.24.1.1.u2
Condensed Consolidated Balance Sheets (Unaudited) - USD ($)
Mar. 31, 2024
Dec. 31, 2023
Current assets    
Cash and cash equivalents $ 3,033,376 $ 4,643,267
Pledged deposits 33,223,384 54,179,549
Short-term deposits 20,756,497
Trade and bills receivable, net 36,415,217 28,653,047
Inventories 28,260,340 33,413,422
Prepayments and other receivables 8,438,534 7,459,254
Receivables from a former subsidiary, net 35,947 74,946
Total current assets 130,163,295 128,423,485
Property, plant and equipment, net 88,961,277 91,628,832
Construction in progress 37,654,290 37,797,862
Long-term investments, net 2,502,537 2,565,005
Prepaid land use rights 11,433,966 11,712,704
Intangible assets, net 720,339 841,360
Deposit paid for acquisition of long-term investments 11,883,163 7,101,492
Operating lease right-of-use assets, net 3,140,214 1,084,520
Total assets 286,459,081 281,155,260
Current liabilities    
Trade and bills payable 79,020,817 82,429,575
Short-term bank borrowings 36,106,533 32,587,676
Other short-term loans 338,876 339,552
Accrued expenses and other payables 35,899,319 41,992,540
Payables to a former subsidiary, net 416,491 411,111
Deferred government grants, current 485,863 375,375
Product warranty provisions 20,775 23,870
Operating lease liability, current 699,745 691,992
Finance lease liability, current 2,031,310 1,643,864
Income tax payable 1,042,033
Total current liabilities 156,061,762 160,495,555
Deferred government grants, non-current 5,859,142 6,203,488
Product warranty provisions 535,655 522,574
Operating lease liability, non-current 2,761,173 475,302
Total liabilities 165,217,732 167,696,919
Commitments and contingencies
Shareholders’ equity    
Common stock $0.001 par value; 500,000,000 authorized; 90,063,396 issued and 89,919,190 outstanding as of December 31, 2023 and March 31, 2024 90,063 90,063
Donated shares 14,101,689 14,101,689
Additional paid-in capital 247,582,399 247,465,817
Statutory reserves 1,230,511 1,230,511
Accumulated deficit (124,559,312) (134,395,762)
Accumulated other comprehensive loss (13,497,204) (11,601,403)
Stockholders' equity (deficit) before Treasury Stock 124,948,146 116,890,915
Less: Treasury shares (4,066,610) (4,066,610)
Total shareholders’ equity 120,881,536 112,824,305
Non-controlling interests 359,813 634,036
Total equity 121,241,349 113,458,341
Total liabilities and shareholder’s equity $ 286,459,081 $ 281,155,260